The Company is bound by the arbitration clause, pursuant to the initial part and sole paragraph of article 39 of its Bylaws:
"Article 39) The Company, its shareholders, managers and members of the Fiscal Council undertake to resolve, by means of arbitration, pursuant to the Rules of the Market Arbitration Chamber ("Arbitration Rules") of BOVESPA, any and all dispute or conflict that may arise amongst them, related to or arising from, in particular, the application, validity, effectiveness, interpretation, breach and its effects of provisions set out in Law No. 6404/76, the Company's Bylaws, the standards issued by the Brazilian National Monetary Council, the Central Bank of Brazil and the CVM, as well as any other standards applicable to the operation of capital markets in general, in addition to those contained in the Regulation of Differentiated Corporate Governance Practices - Level 2, the Agreement for the Adoption of Differentiated Corporate Governance Practices - Level 2 and the Arbitration Rules.
Sole paragraph) The Brazilian law shall be applicable only to the merits of any controversy, as well as to the implementation, interpretation and validity of this arbitration clause. The arbitration shall take place in the City of São Paulo, State of São Paulo, where the arbitration award shall be rendered. The arbitration shall be managed by the Market Arbitration Chamber, being performed and judged in accordance with relevant provisions of the Arbitration Rules. "